LONDON, 01 September 2017: Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce its unaudited interim results for the six months ended 30 June 2017.
Financial Summary
The Group posted a loss of USD 2.518 million for the six-month period ended 30 June 2017, which compares to a profit of USD 0.1 million for the comparable period in 2016. The Company's cash balance at 30 June 2017 was $10.92 million, which compares to a cash balance of $0.49 million on 30 June 2016.
As reported in the announcement of 8 May 2017, the Company entered into a financing agreement with Bergen Global Opportunity Fund, LP (Bergen), which agreement was amended and announced post period end on 15 August 2017. Under the provisions of the agreement the Company has obtained two tranches of $1.2 million each and has issued a Convertible Note to Bergen for a further $1.5 million. Further tranches have been postponed until 15 October 2017, during which period the Company will continue to review its financing requirements.
Operations
On 5 July 2017, the Company announced its 2017 exploration drilling programme and initial drilling targets in Blocks IV and V, following the signing of a drilling rig contract with Sinopec International Petroleum Service Mongolia. Preparations for the commencement of drilling operations continue and the Company expects to issue a full operational announcement by mid-September 2017, which will include a full update on drilling rig preparations and expected spud date.
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